preparation of financial statement is the responsibility of Management. Our responsibility

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Secr~ La ry, Ministry of Education, Bangladesh Secretariat, Dhaka1000. Audit completion date: We have audited the accompanying Financial Statement of "Higher Education Quality Enhancement Project (HEQEP)" as of June 30, 2014 and for the year the n ended. The preparation of financial statement is the responsibility of Management. Our responsibility i ~ to expre.., an opinion on the Financial Statement based on our audit.!. We c nducled our audit following nternational Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Finan wl Statement is free from material misstatement. An audit includes examining on a test hasis evidence supporting the amounts and disclosures in the Financial Statement..\n audit also includes asse ing the accounting principles used and significant estimates madt: by lanagement as well as evaluating the overall Financial Statement presentation. We hdieve that our audit provides a reasonable basi. for our opinion.. The n: ults of our audit disclosed the following materi al aspects which affected the Fin.mcial Sta tement: a) Advance am unting Tk not adjusted during the year. But the amount was shown in expenditure in the Financial Statement (FS). As a result expenditure overstated in the F.~ D tails are shown in Annexure"B" Para no02). V. n our opinion. t:, cept ac; s tated in the preceding paragraph and noncompliance of finan ial rule and r gulati( ns in sub equent obs rvations along wi th the financial position of management letter follo\\ ing the Financial Statement gih' a fair view and true in all material aspects, of the.. Higher Education Quality Enhancement Project (HEQEP)" as at 30 June, 2014 and the results of it: operations and cash flows for the year then ended in accordance with the cash basis of accounting f!lowed by the Government of Bangladesh. Opinion statu : Qualified. ~~~~. (Md.MamunUlMannan) Depu ty Director For Director General Foreign Aided Projects Audit Directorate f

2 Project Resources Government of Bangladesh Loan From DA Other Resources Opening Cash Balance Higher Education Quality Enhancement Project Project Financial Statement Financial Year Year ended June 30, 2014 Total Resources Cumulative Current Taka in Lac Cumulative Prior Period Period Current Period , ~otes 2 59, , , , , , , Project Expenses 1 Salary & Allowances 2 Academic nnovati on Fund 3 Consulting Ser\ ices 4 Traini ng, Workshop, Conference 5 Supplies & Services 6 Vehicles 7 Equipment 8 Computer & ft Equipment 9 Computer Softv.are 10 Office Furnitures 11 Office Equipment 12 Constructi ons 13 Telecommunication 14 Honorari um Sub Total for Project Expenses 15 n terest Deposit to Bangladesh Bank 16 Revenue deposit to Bangladesh Bank Total Amount Deposit to Bangladesh Bank Bank Closing Balance Total Expenditure 17 COl\iT ASA Ban! Account 18 GOB Bank Account T otal Bank Closing Balance T otal Expend iture and Cash , O.fl S8.32 1,63! , , , , , ': "'.68 :.s , ~ , , , :J::: , , , ~0, , , Q.35 20, , , , , GOB Ex pen cs! for Curren t Period 182."'0 o , t:.' or Md. Nasser Ahm d, :.cca. Fcw. Financ.at Managel'"lent Specialist HEQEP. UGC. Dhaka ~~.~:2b;rB Md. Zaha~dc >...7 ~ r Project Director (Additional Secretary ) Higher Educatio n Quality Enhancement Project,

3 Higher Education Quality Enhancement Project!'OT ES TO THE F!'ANCAL ST ATEM E~T 30 1 h June, 2014 GOVER!'MCYf Of' B A~GLADES H. Fu nd!> are al!o.:ateu b) the g \ crnment of B;mgladesh to cov.:r (J B's share f eligi ble pro iect expenditure, as specified in th, pr icct proforn a anj in the, \ nnual De\elopm nt ProgrJmme for each year f the proj.:ct. An) allocated funds th.!t ha\c n(lt!" c:n t::x r : njed b) the.:nd of the iiscal )e. r laspe nd mu st be rcturnd t GO B. OB contribution to the pro jcll since im.epti 11 are as fo lln\' (in lak.h Taka) Taka in Lakh nception to For the year ncept ion to 30' 11 June, h June, 2014 Disbursement:. bv GOl ) , L> ~ : Refunds to GOR, ) (603.93) (623.94) Total: , Th loa has prf ijej. un Js 111 th ~ ~ rojcct h. ::o\ er it',hare of eligible r. k ct expenditures. These fun s, which must bt. r ~ r,t i J t D \ <~ ftc r t t.. t ndusi n of thc roject, ha ' been Jn, an b; the project in accor ance with the foll0wing \A ithurwa l rr c' CcJurcs n lakh TakJ lnlltal D e r o~ l ' \d ance 1 laka in Lakh nception to For the year nception to 30'h June, h J une, 2014 DPA,Dtr.:ct Pa)nt.:nlJ RPA )()i::. Pro.:Jure ) RPA \un SOE Procdure. U \ t fc port lia~ ~ ~~~ J Ob ~ ,9M.r.t Uther$. Total 59, , , OTHlR RESOl RCE.. Ott.er'> Rcst un:cs cons is. 1 t tl e foil ' ing: faka in ~ aj, h nception to For the year nception to 30 1 h June, h J une, R<!' cn u.: dep t~ si t to Ban ~ l aj c sh Bank lnterc.t derosit t0 B., n gj.,dt:~ h Bank J69.bY ~ /l TotoJ: LASH: The Project maintains two bank account: pe,;ial \ccounts: 0 'T <.; \ t Sl L). h)41l()l),.p ) kept in Janata Bank. limit J. { 'G C. Bh ban Br ch, Dhaka to operate fu nd c\h :JO ' L b. DA O r e rat~i r'! g :\cc ur.t: C ) H 003 8'J3 k.:pt in J;ma:, Ban!. Limited, L'G<. Bhc.i' n Bram:h, Dhaka to operate fund of GOB. i t CJ\!T \'>A \ ~ c,,,,uts Uperating..\._,_, un t t(,()r T otal Opening Bula nce 30'" June, tJ._874 () , T ka in Lakh Closing Balance JO'h J une, , , Md. Zahanglr Ala m. ndc P o1ect Dl1eclor (Aadr 4 n""r. C A., _...,... al SecfetarvJ

4 AUDTOR'S REPORT O N CONTASA ACCOUNT 1. We have audited the CONTASA Account Statement of "Higher Education Quality Enhancement Project'' for the year ended on 30 June fi nanced under provision of DA under credit No. 4544BD. 2. Our audit was carried out in accordance with nternational Auditing Guideline. Accordingly, our audit included such review of system of internal control, tests of the accounting records and supporting documentations, verification of account balance and other auditing procedures that we considered necessary under the circumstances. 3. The accompanying CONTASA Account Statement was prepared on the basi of cash deposits and withdrawals for the purpose of complying with the above credit covenant. OPNON n our opinion. the CONTASA Account Statemcnt(Annexure "A'' attach) gives a true and fair view of th accounting activities for the year ended 30 1 h June on the basis of cash deposits and withdrawal. r (Md.Mamunll.\lannan) Deputy Director For Director General F reign Aided Project Audit Directorate

5 Higher Education Quality Enhancement Project For the year ended June 30, 2014 Financial Year CONTASA Account Statement (DA June 30, 2014 STD Depository Bank Janata Bank Limited Address UGC Bhaban Branch, Agargaon, Dhaka Loan Credit Agreement 45440BD & 53320BD Currency BOT Part A: Account Activity CONTASA Begining Balance as on July 1, 2013 (note 3) Add: Total Amount Deposited by World Bank till June (note 1) Total amount refunded to cover eligible expenditure Deduct: Total amount withdrawn Total service Charges if not included above in amount withdrawn CONTASA Ending Balance as on June 30, 2014 (note3) Amount in BOT 2,087,462, , 137,1 86, ,224,649, ,419,21 3, ,436, Part B:Account Reconciliation: Amount advanced by World Bank from inception to Ju ne 30, 2014 (note1) , Less: Total amcunt recovered docume'lted by World Bank till June 30, 2014 (note 2) 5, 11 3,1 65, Presert Outstanding amoun advancec to th e special account for FY ended June 30, ,024,021, CONTASA Ending Balance ended June (note 3; 805,436, Plus: amount claimed and yet credited at FY ended June, 2014 Application No. Amount Plus: amount withdrawn and yet claimed Less: 1nterest earning (if included in CONT ASA amount} Plus: Services Charaes (if r ot included in lides 5 & 6 above) Total advances to special account for FY ended June 30, ,218,584, ,024,021, C',f/?! Z)? :2111, ~ ~ ;) ~~ \ ~ \ ft Md. Nasser Ahmed, FCMA Financial Management Specialist HEQEP 1

6 Higher Education Quality Enhancement Project For the year ended June 30, 2014 Fi nancial Year CONTASA Account Statement (DA) Note: 1 Amount i:1 SOT Cumulative advances from tnceptior to...1p until Marcn ,053,186, Add: Advance received on June 2S, 2014 for add itional financing 1 084,000, Total amount deposited advanced by world bank 7,137,186, Note: 2 Expenditu e docurt ented bf HEQEP unti \ March 3' 20 1~ 3 5J1,1 64,S Add Expenditure to be documented from April to June jfor old financing lean number ,59 1,324, !for r.ew financing loan number , Total amount recovered documented by World Baf'k 5,113,'1 65, Note: 3 Regar ing CO TP..SA ceginning and erd1 g ban K balance a o... t rease ~; e r fy,.,. h tank ::'crma:ior

7 .. AUDT OPNON ON SOE We have audited the Statement of Expenditure (SOE) of the "Higher Education Quality Enhancement Project" fo r the year than ended 30th June 2014 submitted to the World Bank for reimbursement of expenditure in accordance with the DA credit agreement. The audit was conducted follow ing nternational Stand rd on Auditing. Ac ordingly. it included such tests of the accounting and supporting documents, review of :ystt.:m of intt: rnal control ~ o far exists. and adopting necessary auditing procedures that w e considered essential under the circumstances. WTHDRAWAL/SOE PARTCUlARS Withdrawal application /SOE. The Project authority claimed Tk for reimburse but the Donor disbursed an amount of Tk which was cl im submitted \\ ith previous year. A" such less di bursed Tk (Tk. lo37252rr 1.70 Tl : ). Details are shown in Annexure '"B" OPNON n our opinion, World Bank could rely upon the Statement of Expenditure (SOE), c.\cept a discussed in the o h~ crvation is~ ue d under section of this report, to support the applications for redit disburc;ement for expenditure incurred for the purpose of the Project specified in the particulars o withdrawal applications..~ ~~ _.) ;, ~ [ <t (Md.MamunUlMannan) Deputy Director For Director Ge neral Foreign Ai ded Projects Audit Directorate j

8 .., ' HEQEP SU MMARY OF WTHDRAWAL APPLCATONS For the year WAno Date Amount Cla imed Amount Received Different Remarks WA17 WA19 WA18 WA001 (AF) 21/ 01/ ,554, ,554, /06/ ,716, '3 o<j _jr(.,q.qqj 11/ 5/ ,982, /6/2014 1,084,000, ,084,000, '',fJPjJ.? f.. }r '\ ApJune2011!,netdec 2013 janmarch 2014 Addl finance 1,637,252, ,234,554, U).6'2.&1_ j 0... ~ ~~~, \ ")'!""...,nl ; ~ ~ J '.,,. "~' ~